Mr. Spencer Cole reports

VOX ROYALTY COMPLETES ACQUISITIONS OF WHITE DAM, KALMAN AND SYLVANIA AUSTRALIAN GOLD & COPPER ROYALTIES

Vox Royalty Corp.'s wholly owned subsidiary, Vox Royalty Australia Pty. Ltd., has completed the previously announced Australian acquisitions of the White Dam gold royalty in South Australia, the Kalman copper royalty in Queensland and the Sylvania royalty in Western Australia, as previously disclosed in Vox press releases dated Aug. 20, 2026, and Sept. 2, 2026. Aggregate cash consideration for the transactions was $8.4-million (Australian) (approximately $6-million), paid with cash on hand.

All conditions precedent to the transactions have been satisfied, including the waiver of the right of first refusal held by the operator, Greenmount Resources Pty. Ltd., a wholly owned subsidiary of Australian Securities Exchange-listed Capricorn Metals Ltd., in respect of the Sylvania royalty. Further information on the Sylvania royalty is provided below.

Spencer Cole, president and chief investment officer of Vox, stated: "With these two transactions, we have constructed a highly attractive portfolio of Australian production and development royalties for only $6-million in cash. White Dam is producing gold today and provides ongoing revenue, Kalman offers medium-term development potential through Austral Resources' existing Rocklands plant, and the Sylvania royalty provides potential longer-term optionality across approximately 1,700 square kilometres of exploration tenure adjacent to Capricorn's expanding Karlawinda gold mine, including the historical Prairie Downs and Spearhole resource estimates. This is representative of the balanced barbell of revenue and NPV that we focus on at Vox."

Sylvania royalty overview

The Sylvania royalty comprises a 1.0-per-cent net smelter return royalty on precious minerals and a 1.5-per-cent NSR royalty on all other minerals, over approximately 1,700 square kilometres of exploration tenure in the Pilbara region of Western Australia. Greenmount is the wholly owned subsidiary of Capricorn, which holds the Karlawinda gold mine, located approximately 65 km southeast of Newman, which has been in production since June, 2021. Karlawinda produced 123,589 ounces of gold in Capricorn's 2026 financial year, and Capricorn is currently commissioning the Karlawinda expansion project, which increases processing capacity to 6.5 million tonnes per year and is expected to lift Karlawinda to a long-term production rate of approximately 150,000 oz per year following completion of commissioning in the first quarter of Capricorn's 2027 financial year.

The Sylvania royalty area comprises three key exploration targets:

• Spearhole iron project (historical October, 2010, mineral resource estimate and 2011 scoping study);
• Prairie Downs base metal project (historical June, 2010, mineral resource estimate); and
• Karlawinda-adjacent gold exploration targets.

Spearhole iron project

The Spearhole detrital iron deposit at Prairie Downs comprises unconsolidated ironstone gravels and alluvium from surface. On Dec. 15, 2011, Dynasty Metals Ltd. announced the results of a high-level scoping study completed by MSP Engineering, based on a historical inferred resource of 1,400 million tonnes at 23.5 per cent iron, including 932 Mt at 27.4 per cent iron at a 20-per-cent iron cut-off (October, 2010, estimate), which Dynasty classified entirely in the inferred category with no indicated or measured component. The study contemplated a 35-million-tonne-per-year beneficiation plant producing 5.25 Mtpa of iron concentrate grading 57 per cent to 58 per cent iron at a 15-per-cent mass yield, and reported:

• Estimated operating costs of $39 (Australian) per tonne of concentrate at the mine gate (mining $10.75 (Australian) per tonne and beneficiation $28.25 (Australian) per tonne) and $59.25 (Australian) per tonne FOB, including assumed rail haulage of 450 kilometres ($15.75 (Australian) per tonne) and port costs ($4.50 (Australian) per tonne);
• Estimated capital costs of $446-million (Australian) to the mine gate and $957-million (Australian) inclusive of transport infrastructure, a 50-kilometre rail spur and rolling stock; and
• A potential mine life of at least 25 years at the contemplated production rate based on the October, 2010, inferred resource (932 Mt at 27.4 per cent iron), with an assumed stripping ratio of approximately 0.1 to 1.

The study excluded Dynasty's separately identified Marra Mamba direct shipping ore resource, and Dynasty noted that the mining, rail and port cost estimates were conceptual, high-level estimates benchmarked against other Pilbara operations.

In May, 2022, DiscovEx Resources Ltd. entered into two binding option agreements (Spearhole and Sylvania term sheets) with Rio Tinto for the sale of the iron ore rights at Sylvania for total consideration of up to $9.3-million (Australian). After two years of evaluation, Rio Tinto withdrew from the Spearhole option agreement in May, 2024.

Prairie Downs base metal project

The Prairie Downs zinc-lead-silver deposit is located approximately 100 km southwest of Newman and has been explored by a few prior owners, most recently Prairie Downs Metals Ltd. (now GreenX Metals Ltd.), Marindi Metals Ltd. and DiscovEx. The most recent mineral resource estimate for the deposit, of which Vox is aware, is a historical June, 2010, resource statement (summarized below in the table), which reported at a 1-per-cent zinc cut-off grade and most recently reported by DiscovEx in October, 2023, comprising indicated resources of 2.28 Mt at 5.22 per cent zinc, 1.59 per cent lead and 15.0 grams per tonne silver and inferred resources of 700,000 tonnes at 4.03 per cent Zn, 1.58 per cent Pb and 14.9 g/t Ag. This estimate supersedes an earlier 2008 estimate by Prairie Downs, which was also the basis of a historical July, 2008, feasibility study that was not progressed. Mineralization was reported as open at depth and along strike, and the deposit remains undeveloped. The estimates presented below are historical estimates.

Sylvania -- gold exploration

Capricorn has described the Sylvania project as sitting in proximity to the Sylvania inlier and the Pilbara-Yilgarn craton margin, a high strain zone with high prospectivity for mineralizing fluids, and has interpreted this craton boundary as playing a significant role in the placement of ore-forming fluids at the Bibra gold deposit at Karlawinda. Capricorn has noted that gold exploration in the region has been limited, with only early-stage work conducted mostly during the mid-1990s and very few drill holes completed outside of the Prairie Downs base metal prospect, and has outlined a program of broad-scale geological and regolith mapping followed by geochemical sampling across currently defined target areas.

Consideration

Aggregate cash consideration for the transactions was $8.4-million (Australian), comprising $5.0-million (Australian) for the White Dam royalty and $3.4-million (Australian) for the Kalman and Sylvania royalties, financed from cash on hand.

Qualified person

Timothy J. Strong, FIMMM, of Kangari Consulting LLC, a qualified person under National Instrument 43-101 (Standards of Disclosure for Mineral Projects), has reviewed and approved the scientific and technical disclosure contained in this press release.

About Vox Royalty Corp.

Vox Royalty is a return-focused mining royalty and streaming company built on disciplined capital allocation and risk-adjusted value creation. The company holds a diversified portfolio of over 70 royalties and streams, including 11 producing and 28 development-stage assets, with primary exposure to gold and select industrial metals across top-tier mining jurisdictions. Founded in 2014, Vox combines a technically driven team, early catalyst identification and a proprietary royalty database to target convex, long-term returns for shareholders. Vox is a constituent of the Russell 2000 and Russell 3000 indexes, and is included in the MVIS Global Junior Gold Miners Index and VanEck Junior Gold Miners ETF.

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